Real estate company Shriram Properties has been allowed to present IPO from Capital Market Regulator Sebi. The company wants to raise Rs 1,250 crore from the primary market through its issue.
According to information from SEBI, the company got 'Observation' on 9th April. The company filed a draft of IPO in December 2018. For any company, it is mandatory to get 'Observation' from SEBI before presenting the issue of IPO, FPO or rights issue.
According to the company's draft documents, new shares of Rs 250 crore will be presented in this IPO. Existing shareholders, including Tata Capital Financial Services and TPG Asia, will offer 4,24,03,271 shares of their shares for sale.
The company can also bring pre-IPO placement of 100 crore rupees before the issue. According to sources, the issue size of this IPO could be Rs 1,250 crore. Shriram Properties is a part of Shriram Group and is active in South India's real estate market. The company is mainly engaged in the business of affordable housing and medium sized homes. The company will use a portion of the money raised from this IPO to repay the debt. The remaining amount will be used for general corporate needs.
The company has entrusted the management of this issue to Axis Capital, Edelweiss Financial Services, JM Financial, Nomura Financial Advisory and Securities. The company will be listed on both BSE and NSE, on the stock exchanges.
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| SEBI allowed Shriram Properties to offer IPO |
According to information from SEBI, the company got 'Observation' on 9th April. The company filed a draft of IPO in December 2018. For any company, it is mandatory to get 'Observation' from SEBI before presenting the issue of IPO, FPO or rights issue.
According to the company's draft documents, new shares of Rs 250 crore will be presented in this IPO. Existing shareholders, including Tata Capital Financial Services and TPG Asia, will offer 4,24,03,271 shares of their shares for sale.
The company can also bring pre-IPO placement of 100 crore rupees before the issue. According to sources, the issue size of this IPO could be Rs 1,250 crore. Shriram Properties is a part of Shriram Group and is active in South India's real estate market. The company is mainly engaged in the business of affordable housing and medium sized homes. The company will use a portion of the money raised from this IPO to repay the debt. The remaining amount will be used for general corporate needs.
The company has entrusted the management of this issue to Axis Capital, Edelweiss Financial Services, JM Financial, Nomura Financial Advisory and Securities. The company will be listed on both BSE and NSE, on the stock exchanges.
For regular updates on the stock market, please click on our Facebook page. Click here to like this page
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